K-V Pharma Will Pursue Investors' Alternative Ch. 11 Plan

By Maria Chutchian

Law360, New York (May 03, 2013, 4:43 PM ET) -- K-V Pharmaceutical Co. on Friday indicated that it is ready to ditch its proposed Chapter 11 plan for an alternative plan offered by a group of investors that could provide general unsecured creditors five times as much recovery as the current plan would.

The women’s health care company laid out the terms of the newly proposed plan in a motion asking a New York bankruptcy court to approve a new debtor-in-possession financing package that is necessary for K-V to go through with its pursuit of the...